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5-year note auction of 25 April 2012 (new issue)

The 5-year note sold $35.94 billion at a high yield of 0.887% on , with a bid-to-cover ratio of 3.09.

Coupon
0.875%
Announced
Issued
Matures

High yield

0.887%

Median yield 0.845%

Bid-to-cover

3.09

▲ +0.24 since 28 Mar

Sold

$35.94 billion

$35 billion offered

Indirect bidders

47.5%

Of competitive bids accepted

High yield at the last 36 5-year note auctions

High yield at each 5-year note auction, %

High yield at the last 36 5-year note auctions36 auctions from 27 May 2009 to 25 April 2012; the latest at 0.887%.0.5%1.0%1.5%2.0%2.5%3.0%2009201020112012This auction, 0.887%High yield at the last 36 5-year note auctions36 auctions from 27 May 2009 to 25 April 2012; the latest at 0.887%.0.5%1.0%1.5%2.0%2.5%2010201120120.887%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 5-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
0.8873.09
1.0402.85
0.9002.89
0.8993.17
0.8802.86
0.9373.15
1.0552.90
1.0153.04
1.0292.71
1.5802.62
1.6152.59
1.8133.20
2.1242.77
2.2602.79
2.1902.69
2.0412.97
2.1492.61
1.4112.65
1.3302.82
1.2602.96
1.3742.83
1.7963.06
1.9952.58
2.1302.71
2.5402.75
2.6052.55
2.3952.75
2.3702.80
2.6652.59
2.1752.81
2.3882.63
2.4702.40
2.4942.51
2.6891.92
2.7002.58
2.3102.32

Against its own history

Against the previous 12 auctions of the 5-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.092.883 of 129 of 12
High yield0.8871.03411 of 121 of 12
Indirect bidders' share47.542.82 of 1210 of 12
Direct bidders' share9.411.310 of 122 of 12
Primary dealers' share43.144.68 of 124 of 12
High minus median, basis points4.25.07 of 125 of 12

The table scrolls sideways; the first column stays in place.

Who bought the 5-year note?

Indirect bidders took 47.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year note auction, 28 March 2012

Indirect bidders took 47.5% of the competitive bids acceptedIndirect bidders 47.5%, Direct bidders 9.4%, Primary dealers 43.1%Indirect bidders47.5%41.9%Direct bidders9.4%11.3%Primary dealers43.1%46.8%Indirect bidders took 47.5% of the competitive bids acceptedIndirect bidders 47.5%, Direct bidders 9.4%, Primary dealers 43.1%Indirect bidders47.5%41.9%Direct bidders9.4%11.3%Primary dealers43.1%46.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders47.541.9
Direct bidders9.411.3
Primary dealers43.146.8

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as5-Year, new issue
Offering amount$35,000,000,000
Bids received$109,131,877,500
Sold$35,940,363,500
Competitive bids accepted$34,977,756,000
Non-competitive bids accepted$22,249,400
Federal Reserve (SOMA) add-on$940,358,100
Foreign and international (FIMA) non-competitive$0
High yield, %0.887
Median rate, %0.845
Low rate, %0.792
Interest rate (coupon), %0.875
Bids at the high rate filled, %11.97
Bid-to-cover ratio3.09
Indirect bidders accepted$16,627,270,000
Direct bidders accepted$3,280,000,000
Primary dealers accepted$15,070,486,000
Indirect bidders' share, % (ours)47.5
Direct bidders' share, % (ours)9.4
Primary dealers' share, % (ours)43.1
High minus median, basis points (ours)4.2
Treasury par yield curve, 5-year point, same day, %0.86
High yield minus that point, basis points (ours)2.7

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (5-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What this number cannot tell you

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The longer windows

Each measure against earlier 5-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio3.09Last 24 auctions3 of 2421 of 242.82
Bid-to-cover ratio3.09Since 24 April 20083 of 4845 of 482.62
Bid-to-cover ratio3.09All 125 since 28 September 19945 of 125120 of 1252.47
High yield0.887Last 24 auctions23 of 241 of 241.496
High yield0.887Since 24 April 200847 of 481 of 482.117
High yield0.887All 221 since 24 January 1991220 of 2211 of 2214.810
Indirect bidders' share47.5Last 24 auctions5 of 2419 of 2442.3
Indirect bidders' share47.5All 48 since 24 April 200811 of 4837 of 4841.2
Direct bidders' share9.4Last 24 auctions18 of 246 of 2411.2
Direct bidders' share9.4All 48 since 24 April 200823 of 4825 of 489.0
Primary dealers' share43.1Last 24 auctions16 of 248 of 2445.2
Primary dealers' share43.1All 48 since 24 April 200834 of 4814 of 4847.8
High minus median, basis points4.2Last 24 auctions16 of 247 of 245.0
High minus median, basis points4.2Since 24 April 200838 of 489 of 486.0
High minus median, basis points4.2All 221 since 24 January 199156 of 221164 of 2212.9

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 25 April 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120425_1.pdf. Compiled by 500metrics, "5-year note auction of 25 April 2012 (new issue)", https://500metrics.com/treasury/auctions/5-year-note/2012-04-25.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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